Best Buy Shares Drop After Sales, Outlook Miss The Mark

Best Buy (BBY) came up light in the trousers in some areas of its latest earnings report, and Wall Street is pummeling the red-hot stock. The company guided for per-share earnings of $1.62 to $1.67.

Further, the company announced a 21 percent increase in regular quarterly dividend to $0.34 per share.

For the current period, the company expects adjusted per-share earnings in the range of 35 cents to 40 cents, below the consensus estimate of 49 cents. Enterprise revenue is expected in the range of $8.2 billion to $8.3 billion.

Wall Street was expecting revenue of $13.62 billion on earnings of $1.67 per share. Sales at existing domestic stores are expected to decline 1.5% to 2.5%.

"Our annual outlook is influenced by a number of factors, including expected share gains and the positive impact from our new initiatives, offset by our assumption that the industry growth will remain negative, similar to the last two years, and product availability issues will continue, particularly in the first half of the year", said Best Buy CFO Corie Barry. On a 52-week basis, the company targets approximately flat revenue and operating income.

For the quarter ended January 28, Best Buy earned $607 million, or $1.91 a share, up from $479 million, or $1.40 a share, a year ago. Earnings per share were $1.91, higher than $1.40 previous year.

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Comparable store sales in the USA were down 0.9 percent in the quarter and overall revenue was down slightly to $13.48 billion, lower than the $13.62 billion analysts expected.

Overall, Best Buy reported mixed results in the fourth quarter.

Best Buy's same-store sales declined 0.7% for the period ended January 28, which included the critical holiday shopping season.

With fewer planned cost cuts and innovative new electronics on the horizon, analysts have voiced concerns that 2018 could be a tough year for Best Buy, which has been launching buybacks to drive earnings per share growth. As a percentage of total online revenue increased 300 basis points to 18.6% versus 15.6% a year ago.

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